TAAG Angola Airlines, the flag carrier of Angola recorded a net profit of $800,000 for the fiscal year 2022 with a 30% Year-on-Year (Y-O-Y) increase. The airline reported an operating revenue of $390 million almost double the amount from the previous year. The airline’s cargo operations posted an operating revenue of $67 million.
Lisa Mota-Pinto McNally, CCO, TAAG Angola said: “The main factor is an increase in passenger occupancy per available seat kilometer (ASK) by over 80%. TAAG is growing by an astonishing rate of 226% in comparison to 2021. As a result, its passenger occupancy is now 51% of pre-pandemic levels in 2019.”
Pinto McNally attributed the increase in revenue to various other factors. “TAAG's breakneck recovery pace is spectacular, especially when coupled with the fact that the airline is operating with a reduced fleet and has had to deal with higher fuel prices, reduced resources, travel restrictions, and lower passenger demand,” she added.
TAAG currently operates to 14 domestic and 13 international travel destinations. In addition, the TAAG’s cargo operation also plays an essential role in managing Angola’s supply chain.
The airline is all set for a massive expansion with the completion of the New Luanda International Airport, a $5 billion project that began in 2008. The airport can accommodate 10 million international and five million domestic passengers and jumbo jets. The airline’s cargo operation will also benefit from the new airport as it is estimated to be able to handle 50,000 tons of cargo per year.
Going ahead the airline plans to increase its fleet size from 20 to 50 in the next four years.